If you’re looking for a business opportunity that will offer you endless possibilities for growth and success, then you’ll definitely want to consider starting an import business in Australia. Bringing in goods and products from the outside world will always be an essential part of the country’s market, and you can guarantee that customers will always have a need or a want for whatever you have to offer. However, there are certain particular aspects of this type of industry that you need to thoroughly understand before you open your business. Here are a few things every new import business owner needs to know before they can start.
Understand Rules and Regulations
Importing foreign goods into any country will come with its very own set of rules and regulations, so you need to make sure you have a complete and thorough understanding of what they are way before you ever even think about bringing anything in. For starters, there’s absolutely no need for any import business owner to hold an importing license in Australia, however certain goods will need a specific permit to be allowed in. You will need to make sure that your product is properly labelled with the country of origin clearly marked. If you are planning on importing plants or wildlife, you’ll need to make sure you have a complete understanding of the quarantine systems and how that works. The more you know about the import process, the better off you’ll be.
Another important factor that all business owners need to understand will be import duty in Australia. All imports will be subjected to in import duty and a 10 percent service tax. However, the actual duty calculation can be extremely complicated and confusing, especially when you’re just starting out. Speaking with a representative of a customs broker would probably be the easiest way to go.
Valuation of Goods
Once your goods are actually in the country, getting them through customs will require their valuation. While there are several methods for valuing your goods, the most standard is to report and provide evidence of the amount you paid for the actual items. This information will be used to determine the amount you’ll need to pay to have your goods allowed into the country. If you don’t have this information, or if you have a specific relationship with the seller that would have influenced the price, then a customs agent will have to use other means to determine value.
Importing goods into a country such as Australia, can be a lucrative and successful business venture. However, it’s important to remember that, as with any industry, there are certain rules and regulations you’ll need to understand ahead of time. Keep this information in mind and use every resource available so that you can make the actual import process as simple and straightforward as possible, allowing you to start seeing the profits you’ve been dreaming of quickly.